Tax Free Savings Accounts
SCU has a variety of savings vehicles that can be used for investing. It's never too early or too late to start saving for the future.
Tax-Free Savings Account (TFSA) – An SCU TFSA lets you put money into eligible investment vehicles and have those savings grow tax-free. There are no restrictions on the way you use TFSA funds (contributions and/or earnings). You can purchase a car, renovate a home, start a small business, take a family vacation, or just save for a rainy day. Here are some basic answers to questions you may have about TFSAs.
Types of TFSAs
There are three basic types of TFSAs: deposit-type plans, mutual funds and self-directed plans.
Who is Eligible for a TFSA
Any individual person (not trusts or corporations) who meets the following three requirements is eligible to open an TFSA:
- Must be a Canadian resident
- Must be 18 years of age or older
- Must hold a valid Canadian Social Insurance Number
The individual owning the TFSA is called the Holder. There is no maximum age limit to open or hold a TFSA and a person may hold more than one TFSA.